During a meeting in New Delhi this week, Indian Commerce & Industry Minister Suresh Prabhu announced how “extremely important” it is for India to protect intellectual property rights. Minister Prabhu noted that the Indian economy has undergone robust changes during recent decades and is now a leader in innovation and developing technologies.

After emerging from the 2008 financial crisis relatively less damaged than other major countries, India has become the world’s fastest growing economy. With the growth of the economy, the technology and innovation sectors have also grown. The importance of IP protection in India increases with the advancement of these key industries that are heavily dependent on new ideas and technology.

According to Property Rights Alliance’s 2017 Property Rights Index, India’s overall score was 54th in the world, and 10th in Asia & Oceania. Its scores for intellectual property and patent protection were higher than average, while its copyright score was below average.

Minister Prabhu noted that the Indian government is working to streamline and modernize its IP processes. This includes making e-filing available for patents and trademarks, auto generation of trademark certificates, and the auto-allotment of patent applications to ensure uniformity. The Commerce industry has also added an additional 458 patent and 59 trademark examiners to expedite the application process.